The debates about entrepreneurial competencies have increased in number. The study aims to develop the main key components of entrepreneurship as a competence for SMEs in Eastern European Countries (EEC). The development of our study will include a literature review of the concepts and theories in the field, an inventory of the required skills and competencies for SMEs in EEC from three dimensions: a personal one, in terms of motivation and performance; material, as financial resources; and non-material, in terms of attitudes, skills, and behaviors. For the emerging markets, the study is important for revealing the entrepreneurial competencies as tools for strategically planning with impact on the entrepreneurial climate. Implications for the strategic development of the firms will be discussed.